LS Cable & System USA Announces $689 Million Investment in Chesapeake

RICHMOND, VA — LS Cable & System Ltd. (“LS C&S”), a global leader in power and communication cable and system solutions, announced today plans for a significant additional investment in Chesapeake, Virginia. Undertaken through three LS C&S subsidiaries, the $689 million project is expected to be the single largest capital investment in the history of the Hampton Roads region and create over 430 new jobs.

This investment builds on the previously announced first phase of LS GreenLink USA’s state-of-the-art cable manufacturing and pier facility project, which broke ground in April 2025. While separate from the LS GreenLink project, the new initiative expands the company’s overall presence in the United States and reinforces LS C&S’s long-term commitment to the Commonwealth of Virginia, the City of Chesapeake, and the Hampton Roads region. Together, these efforts strengthen U.S. energy infrastructure, enhance supply chain resilience, and support national security priorities.

“Today’s announcement shows that Virginia is committed to leading the nation in our efforts to reshore American manufacturing and secure our nation’s supply chains,” said Governor Glenn Youngkin. “LS GreenLink has already brought hundreds of millions of dollars to Hampton Roads, and these three projects from LS Cable and Systems will build on that success. As we develop the future of American energy and infrastructure, unfettered access to copper products and rare earth magnets will become even more crucial. I am proud that the Commonwealth is able to work with partners like LS C&S as we build a brighter future for the Commonwealth.”

“With three exciting projects in Chesapeake, LS Cable and Systems is poised to transform America’s tech manufacturing supply chain,” said Secretary of Commerce and Trade Juan Pablo Segura. “Securing these supply chains does more than ensure smooth manufacturing timelines; it helps safeguard our national security. LS C&S’s continued investment in the Commonwealth shows that when the government moves at the speed of business, big things can happen quickly.”

LS C&S is evaluating several Chesapeake-area locations for the new manufacturing complex, which will feature advanced capabilities across three key business lines:

• Copper rod production utilizing copper recycling and smelting
• Magnet wire manufacturing to support automotive and industrial markets
• Rare-earth magnet production, essential for electric motors and advanced weapons systems

“This investment represents an exciting step in our continuing growth in the United States,” said LS C&S President and CEO Bon-Kyu Koo. “We’re not only expanding our manufacturing capabilities, we’re strengthening the U.S. domestic supply chains and supporting America’s leadership in energy and technology. By continuing the partnerships with the Commonwealth of Virginia, the City of Chesapeake, and the Hampton Roads region, we’re creating opportunities for the local community while helping to ensure secure, reliable infrastructure that supports national security and the nation’s energy future.”

“The LS GreenLink project has been a major commitment for LS C&S, and this new investment builds directly on that foundation,” said LS C&S Regional President of North America Gisu Kim. “It strengthens domestic production of critical components such as copper rod, magnet wire, and rare-earth magnets, vital to reinforcing supply chain resilience and advancing U.S. energy independence.”

“This investment represents much more than expanding our manufacturing footprint in Chesapeake,” said LS C&S Managing Director Patrick Shim. “We are deepening our partnership with the Commonwealth of Virginia, the City of Chesapeake, and the Hampton Roads region as we build capabilities that strengthen U.S. energy leadership, secure critical supply chains, and support industries essential to the nation’s security and future.”

Founded in 1962, LS Cable & System Ltd. is a global leader in power and communication cables and systems. With over 6,500 employees and 40 subsidiaries in 17 countries, LS Cable & System continues to drive innovation in energy transmission and distribution.

"Congratulations to LS Cable & System and the entire LS Group on another major investment in Chesapeake,” said Hampton Roads Alliance President and CEO Douglas L. Smith. “The Hampton Roads Alliance is proud to support LS Group and to work alongside the City of Chesapeake as the company advances its commitment to expand U.S. power grid infrastructure. This investment aligns directly with the Hampton Roads Playbook, which prioritizes defense, energy, aerospace, and logistics. Energy security is national security and projects like this further solidify Hampton Roads as a global energy leader.”

“Today’s announcement marks a major milestone for Chesapeake, the Commonwealth, and the nation in advancing domestic manufacturing,” said Chesapeake Mayor Rick West. “The decision by LS Cable & Systems to build their new facilities in our community demonstrates the confidence that they have not only in Chesapeake’s talented workforce and strong business environment, but also in our commitment to helping businesses succeed here in the city. This investment is LS Cable's second major project in Chesapeake and elevates our city's status as a leader in the nation’s clean energy and electrification future, bringing $689 million in new investment and more than 400 high-paying jobs. We value LS Cable’s ongoing partnership and friendship with the City of Chesapeake, and we look forward to building on that relationship in the years ahead.”

"LS Cable’s $689 million investment solidifies Chesapeake’s position as a premier destination for advanced manufacturing,” said Chesapeake Economic Development Director Steven Wright. “The establishment of new facilities for magnet wire and sintered rare-earth magnets production will provide much-needed support for U.S. supply chains for emerging mobility technologies and modern energy systems. This project will bring skilled jobs to Chesapeake and will strengthen the long-term industrial competitiveness of our region."

“The Port of Virginia is ready to support LS Cable & System’s strategic investment in Chesapeake,” said Port of Virginia CEO and Executive Director Stephen A. Edwards. “Advanced manufacturing facilities like LS Cable not only strengthen Virginia’s role in global trade but will help accelerate innovation in the electric vehicle industry. The Port of Virginia is a 21st-century port complex that will provide LS Cable the supply chain efficiency, consistency and connectivity needed to succeed in today’s competitive marketplace.”

The Virginia Economic Development Partnership worked with the City of Chesapeake, the Hampton Roads Alliance, and The Port of Virginia to secure the project for Virginia. Governor Youngkin approved a $7.3 million grant from the Commonwealth’s Opportunity Fund to assist Chesapeake with the project. The Governor also approved a performance-based grant of $1.5 million from the Virginia Investment Performance Grant, an incentive that encourages continued capital investment by existing Virginia companies. The company is eligible to receive benefits from The Port of Virginia Economic and Infrastructure Development Zone Grant Program.

Support for LS C&S’s job creation will be provided through the Virginia Talent Accelerator Program, ranked the No. 1 workforce training program in the United States by Business Facilities for the third consecutive year and by Area Development in 2025. The program, created by VEDP in collaboration with higher education partners, provides world-class training and recruitment solutions that are customized to a company’s unique operations, equipment, standards and culture. All program services are provided at no cost to qualified new and expanding companies as an incentive for job creation.